Rupee slips record low of 16 paise to 77.60 against US dollar

On May 18, the rupee fell 16 paise to 77.60 per dollar, a new lifetime low, due to continued foreign investment outflows and a stronger greenback in international markets.

The rupee opened down at 77.57 on the interbank foreign currency market, later falling to 77.61 as the dollar recovered in global markets following hawkish comments from US Federal Reserve Chairman Jerome Powell.
The local currency ended the day at an all-time low of 77.60, down 16 paise from its previous close of 77.44.

Crude oil prices also increased by almost 1%, putting pressure on the currency.  The dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.3 percent at 103.59. Brent crude prices climbed 1% to usd113 per barrel, the global benchmark.

Meanwhile, the 30-share BSE Sensex closed at 54,208.53, down 109.94 points or 0.20 percent. It reached a high of 54,786 and a low of 54,130.89 during the day. The broader NSE Nifty finished at 16,240.30, down 19 points or 0.12%.
According to stock exchange data, foreign institutional investors were net sellers in the capital market on Tuesday, offloading shares worth Rs 2,192.44 crore.

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